There’s a lot happening this morning. Trump has announced a 25% tariff on Indian goods, plus a penalty over India’s reliance on Russian military equipment and energy. That 25% tariff puts India at a disadvantage compared to others -- Vietnam got a 20% rate, Indonesia 19%, and Japan at 15%.

According to the Bloomberg data, Indian rupee has depreciated 0.83 percent in last two weeks. On a year-to-date basis, the local currency is under pressure and second worst performing among Asian peers.

India vowed on Thursday to protect its labour-intensive agriculture sector, a central sticking point in bogged-down trade talks with the U.S., as Washington threatened 25% tariffs, triggering outrage from the opposition and a slump in the rupee.